"Laid off workers find work at less pay" Christopher S. Rugabeer The Arizona Republic (8/25/2012), D1.
[Excerpt] "Only 56% of Americans laid off from January 2009 through December 2011 had found jobs by the start of this year, the Labor Department said Friday. More than half of them took jobs with lower pay. One-third took pay cuts of 20% or more.
Dean Baker, an economist and co-director of the Center for Economic Policy research "noted that of the 6.1 million people who lost jobs from 2009 through 2011, only 15% of them have found new ones with equal or higher pay."
Household income is below recession levels, report says. By M. A. Fletcher. The Washington Post 8/23/2012 http://www.washingtonpost.com/business/economy/household-income-is-below-recession-levels-report-says/2012/08/23/aa497460-ec80-11e1-a80b-9f898562d010_story.html
From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent, to $50,964, according to a report by Sentier Research, a firm headed by two former Census Bureau officials.
Incomes have dropped more since the beginning of the recovery than they did during the recession itself, when they declined 2.6 percent, according to the report, which analyzed data from the Census Bureau’s Current Population Survey. The recession, the most severe since the GreatDepression, lasted from December 2007 to June 2009.
Overall, median income is 7.2 percent below its December 2007 level and 8.1 percent below where it stood in January 2000, when it was $55,470, according to the report. [end excerpt]
America’s Descent into Poverty ~ Paul Craig Roberts http://www.paulcraigroberts.org/2012/08/24/americas-descent-poverty-paul-craig-roberts/
[Excerpt] The United States has collapsed economically, socially, politically, legally, constitutionally, and environmentally. The country that exists today is not even a shell of the country into which I was born. In this article I will deal with America’s economic collapse. In subsequent articles, I will deal with other aspects of American collapse.
Economically, America has descended into poverty. As Peter Edelman says, “Low-wage work is pandemic.” Today in “freedom and democracy” America, “the world’s only superpower,” one fourth of the work force is employed in jobs that pay less than $22,000, the poverty line for a family of four. Some of these lowly-paid persons are young college graduates, burdened by education loans, who share housing with three or four others in the same desperate situation. Other of these persons are single parents only one medical problem or lost job away from homelessness.
...Edelman, who studies these issues, reports that 20.5 million Americans have incomes less than $9,500 per year, which is half of the poverty definition for a family of three.
There are six million Americans whose only income is food stamps. That means that there are six million Americans who live on the streets or under bridges or in the homes of relatives or friends. Hard-hearted Republicans continue to rail at welfare, but Edelman says, “basically welfare is gone.”
Majia here: For further analysis of how this has occurred and what the consequences are, please see
The Financial Crisis and the Shock Doctrine http://majiasblog.blogspot.com/2012/08/the-financial-crisis-and-shock-doctrine.html
Killed by the Financial Crisis http://majiasblog.blogspot.com/2012/08/killed-by-financial-crisis.html
Hunger in the Future http://majiasblog.blogspot.com/2012/08/hunger-in-future.html